According to a new Bloomberg report, citing two unidentified sources aware of the proceedings at Apple, the much-rumored Apple smart watch - the `iWatch,' as it is widely referred to - is being developed by a team of 100 product designers.

The Bloomberg report, which revealed that the team working on Apple's "wristwatch-like device" will include some well-known Apple employees, has come close on the heels of similar reports - about a 100-strong product designers' team working on the Apple smart watch - from New York Times and the Wall Street Journal.

Revealing that the Apple smart watch "may perform some of the computing tasks now handled by the iPhone and iPad," the Bloomberg sources said that the product designers' team working on the device has grown over the last one year.

The sources further elaborated that the employees developing the smart watch now include staff from Apple's marketing, software, and hardware divisions; and that these employees had earlier worked on the iPhone and iPad.

As per the Bloomberg sources, two of the most prominent Apple employees who are part of the team which is developing the Apple smart watch are the company's Senior Director of Engineering, James Foster; and one of the Apple managers, Achim Pantfoerder.